apartment in London

Photo source: Flickr http://bit.ly/2w1IB2K

There comes one point in every home owner’s life when a though crosses his/ her mind: I need a bigger place. Climbing up the property ladder is a natural thing to do when you have a family and the financial situation is in your favor.

The solution is either moving into a bigger apartment (considering you already own one) or switching for a house. And the decision might not be as easy to take as you might think. A spacious and well placed apartment can be almost as expensive as a house, so the financial reasons might not be enough to have a clear choice.

If this is the case, bear in mind a couple of decisive facts when choosing a new place to live:

  • Try to estimate as realistic as possible the necessities for the family space. How many bedrooms? How big should the living be? How many bathrooms?
  • The neighbors. You might be that type of a people person that doesn’t mind hearing neighbors through the walls or you might want some peace and quiet and more personal space. A house doesn’t guarantee sonic isolation, and you’ll still have neighbors looking over the fence, but it is clearly more isolated than an apartment.
  • Gardening. Decide fast how much do you like it and to which extent. If you find overwhelming watering the cactus, you will definitely hate mowing the lawn once every… let’s say ‘week’ to make you feel comfortable.
  • Future development. Do you think you’ll need a garage or some extra storage space in the years to come? Think about how flexible the surrounding space should be to meet all your needs.
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Photo source: Pixabay http://bit.ly/2vnwOr7

Trying to find a style that fits all types of people can be very hard to do when it comes to furnishing the property about to be let. Landlords have to know very well their target tenant and make him/ her comfortable inside the house a long time before letting.

A real trap is to make the house or the apartment personal. It is not about you, it is about the future tenant. Make sure you know the type of tenant moves in the area you are letting and things will be quite easy.

Property Division made a list with top tips for landlords in the Buy-to-Let industry. It is very useful to have a guideline like this when preparing a space for somebody else to live in.

Go through it carefully and try to apply it to the property you are letting.

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How close are you to the point of reaching that much dreamed moment of buying your own place? If you’re already at the point of searching for a property, it’s time to wake up!

Source: Wikipedia, labeled for reuse

Deciding that you need a home of your own and getting to the point of eventually searching for the right place for you can be quite a long road to walk. You know exactly how your house looks in your dreams, but finding it on the market is a real challenge.

Not necessarily wanting to shatter your dreams, here are some advice you might want to follow when searching for a property.

Stay on the budget. Assuming you already know your limits – how much a financial institution or the bank of ‘Mum and Dad’ can offer you, it is very important to not cross these limits in any way. The temptation is huge when you see those pictures of the perfect house just a little above your price range, but the extra cost will just lead to new extra costs. Remember that it can be just as frustrating to live in an empty house because you might not be able to buy any furniture for it.

Keep it real. Make a plan of exactly what your needs are. You might want to ask yourself from time to time:

Do I really need that enormous kitchen?

Is an extra bedroom going to be of any other use that to deposit things in it?

Will I really use the two bathrooms in this apartment?

Location, location, location. You might search for places around your working place or near your friends. Keep in mind that jobs change and people move so pick a place that has good connections and nice surroundings. Because that is exactly what you are going to be using/ seeing every day.

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I am 22 years of age and would love to buy my own property. 

copyright: https://upload.wikimedia.org/wikipedia/commons/c/cc/Captain_Bligh_House_London.jpgBeing a first-time buyer usually means forking out rent, saving for a deposit and playing catch-up with ever-rising house prices all at the same time! 

London is the ideal place to buy a house or an apartment for me. It is a great place to live in, but it can be expensive if you are a first time buyer.

Not only are properties expensive to buy (average price in the borough of Redbridge is £446,581) but I will also need at least 20% deposit + stamp duty costs + legal fees on top of that.

Based on my salary, it would be impossible to apply for a mortgage based on the average property prices in London. My own research shows that there are two solutions for purchasing a property.

– Buy a property out of London as it is a lot cheaper, therefore, affordable for me.

– ‘Help to Buy Scheme’ 

The scheme requires a minimum 5% deposit of the property value with the Government offering an interest-free loan of a further 20%. The remaining 75% is covered by a standard mortgage.

As an example, if you want to buy a £200,000 property under the Equity Loan scheme, you would need a minimum deposit of £10,000 and to qualify for a £150,000 mortgage. The Government then provides an equity loan of £40,000.

Another option would be to buy jointly, either with friends or family.  I think this is my preferred option, so far. 🙂

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